The Best Forex Brokers in Qatar – Listed and Rated
With the development of Forex trading, a lot of countries that previously were not known for trading culture showed a rapid surge of people involved in financial activities. Qatar is no exception. The Asian country located in Western Asia offers favorable conditions for new and experienced traders.
Forex trading is completely legal in Qatar, so every person, wishing to start trading with Qatar Forex brokers is completely free. There are 3 regulatory bodies with each of them supervising the financial sector: Central Bank of Qatar, Qatar Financial Markets Authority, and QFC Regulatory Authority. While there are not many brokers within the country having Qatar licenses, customers are free to trade with foreign brokers.
Best Qatar Forex Brokers – Why We Chose Them
Qatar allows traders to choose brokers with foreign licenses. We decided to choose the following brokers because of their authority, reputation, and experience. At the same time, all of them are fully regulated and licensed, in compliance with the requirements set by Qatar. The country tries its best to prohibit fraudulent activities from brokers, by providing a strong regulatory framework. Trading conditions and offers were also pivotal in choosing these brokerage companies. If you are looking forward to the best Qatar FX brokers check the list below:
We have selected a specific methodology of criteria to choose the best Forex brokers in Qatar. First, we had a look at the regulations and licenses of the brokers. All of them are regulated by top-class regulators and financial bodies. We also paid attention to the number of customers they have. Then we had a look at the offered trading conditions including spread, leverage, variety of trading accounts, educational material. Customer support in the native language was also pivotal. Below you can see the factors that we took into account before choosing top Qatar Forex brokers.
Regulation – Regulation and license guarantee that a particular broker offers trustworthy services and there is someone you can contact in the case of misunderstanding. To ensure the safety and security of clients, brokers must be regulated. Best Qatar Forex brokers have licenses mostly from FCA and CySEC, so they are completely safe to trade with
Local currency accounts – One of the main requirements, every Forex broker inside Qatar should meet is the availability of local currency accounts. The official currency of Qatar is the Qatari Riyal. However, it is rarely used in trading and the majority of Qatar residents trade with major currency pairs such as EUR/USD, EUR/GBP, etc.
Local payment methods – Another important factor in choosing the best Forex brokers in Qatar is the availability of diverse payment methods. Brokers should offer deposit options tailored to particular countries. In Qatar, the most popular options for payments are Visa, Mastercard, PayPal, and all of them are supported by these brokers. Users need to have access to fast and swift payments.
Spread sizes – Spread is the difference between the bid and ask price. It is considered one of the most important trading indicators. Best Qatar Forex brokers offer low spreads that start from 0 pips. Basically low spreads mean low commissions, in which way customers do not have to pay extra. Spreads are also subject to change depending on the currency pair.
Asset diversity – This is probably one of the best ways to determine whether the broker is really good or not. Forex trading in Qatar is really popular, but people are also looking for other trading instruments. The more possibilities there are available on the broker’s website – the better. You should also be able to trade with stocks, indices, metals.
Customer service in native language – The official language of Qatar is Arabic. While a lot of residents, especially the younger generation, speak English fluently, it is a better idea to receive support in your language. All the abovementioned brokers provide services in Arabic. They are friendly and responsive. The website can also be seen in this language.
Account type diversity – As we are talking about Qatar, where the majority of citizens follow Islam, it is necessary for the brokers to offer Islamic Account. Without this account, it will be difficult to achieve success. Islamic finances are different from traditional ones because they do not pay commission. Best Forex brokers in Qatar offer Islamic Accounts with decent trading conditions.
How Are Forex Brokers in Qatar Regulated?
There are 3 regulatory bodies, as we have mentioned above, regulating the financial sector: QCB, QFCRA, and QFMA. At the present moment, cryptocurrency trading is prohibited in the country, but people are free to trade Forex. All 3 regulatory bodies are responsible for supervising Qatar brokerage firms, foreign investment, and FX companies. The country has pretty relaxed laws regarding foreign brokerage companies, but they need to comply with the licensing requirements. Some of the most popular brokers within the country’s borders are regulated by UK, Cyprus, and Australia. They offer all the necessary services that are required according to Sharia law, including Islamic accounts.
When we talk about the best brokers in Qatar, it is necessary to point out that they need to ensure the privacy and security of their customers, and avoid complications. Furthermore, all brokers must have negative balance protection to protect investors from losing more than they have invested on their balance.
Even though Forex trading in Qatar is legal and citizens are not limited to possibilities, except cryptos, still religion plays a huge role, and citizens deem trading as unethical activity.
How To Start Forex Trading in Qatar – Step-by-Step
Qatar citizens who are interested in trading and want to make the first steps should consider several things in advance. First of all, they need to explore the market carefully and find a regulated broker. We have already mentioned the prominent regulators, so make sure to choose one of them. Then you need to compare different brokers in terms of the conditions – how they distinguish themselves. The next step is creating a new account, but before you move to real trading start with a demo. Additionally, but not necessarily, subscribe to the educational platform, offered by the broker to get more information and knowledge on different concepts.
Step 1 – Find a Broker
The first step is finding a broker and without a doubt, it is the most important one. Finding a decent brokerage company in Qatar is not difficult. You need to check the regulations first and then explore trading conditions – what is spread, leverage, account types. While there are a few local licensed brokers in Qatar, you are free to choose from off-shore brokerage companies, that are regulated by the FCA and CySEC.
These brokers ensure that you get the highest-quality service with decent conditions. Regulatory bodies in Qatar alleviate chances of fraudulent activities from scam brokers, by imposing laws, such as requiring brokers to provide AML acts and negative balance protection. You also need to select the list of restricted countries on a broker’s website and determine whether your location is prohibited.
Step 2 – Compare Brokers
The next step is to compare brokers in terms of trading conditions, bonuses, currency pairs. The latter is especially important, because a lot of people go for minor or exotic currency pairs, completely ignoring the major ones. You also need to pay attention to leverage and spread. Various brokers have different rates on them. The ratio of leverage can be as low as 1:2 and reach 1:1000. As for the spreads, they can start from 0.0 pips, depending on the currency pairs.
Bonuses are an integral part of every Qatar FX broker. It further motivates a person to carry on with trading. Besides, you will have more chances to earn decent profits on the platform. Deposit bonuses rarely exceed $100 and start from $10. Check the available bonuses on the brokers’ websites and go for the heftiest one.
Step 3 – Choose Your Account
From 3 types of trading accounts (Cent, Standard, Islamic), you need to choose one of them. As Islam is the dominant religion in Qatar, choosing Islamic Account is the first option and almost every broker has this account available. Cent accounts are mostly for new traders, who are just learning the basic concepts. The balance is indicated in cents. The minimum deposit required to open this account is lower compared to the other ones. Standard accounts are suited for experienced traders with some knowledge.
Islamic accounts offer swap-free trading and the absence of additional commissions. You might also see other variations such as mini, macro, ECN accounts. Generally, additional accounts are almost the same as we have mention